By James Brooks

The bond market is currently down 2/32 (2.19%), but we still should see an improvement of approximately .125 of a discount point in today's mortgage rates due to strength in bonds before Friday's early close.

November's manufacturing index from the Institute for Supply Management (ISM) was posted at 10:00 AM ET this morning. It showed a reading of 58.7 that was slightly lower than October's 59.0 but higher than the 58.0 that was forecasted. This means surveyed manufacturing executives felt business was a bit weaker last month than October. While that is basically good news for bonds, since it appears sentiment was stronger than many had thought, we should consider the data slightly negative for rates.

Tomorrow has nothing of importance scheduled, but Wednesday has three reports. I would not be surprised to see stocks not directly affect bond trading and mortgage rates tomorrow unless the major stock indexes make a significant move. I am expecting it to be a fairly quiet day for mortgage rates unless something unforeseen happens.

Overall, look for Friday to be the most active day of the week due to the almighty monthly Employment report being released. The best candidate for calmest is tomorrow with nothing in terms of relevant economic data set for release. There still is plenty on tap this week, so large swings in the major market indexes and mortgage rates multiple days are a pretty good possibility. Accordingly, it would be prudent to maintain contact with your mortgage professional if still floating an interest rate and closing in the near future.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Lock if my closing was taking place between 21 and 60 days... Lock if my closing was taking place over 60 days from now.